GST Timeline

25th GST Council Meeting on 18th January, 2018

Share this on WhatsApp25th GST Council Meeting on 18th January, 2018:- Recommendations made on Policy Changes. Recommended changes in GST/IGST rate and clarifications in respect of GST rate on certain goods. Exemptions / changes in GST rates/ ITC eligibility criteria, rationalization of rates/ exemptions and clarification on levy of GST on services. Recommendations for the housing sector to promote affordable housing for the masses in the country. Reduced GST rate on admission…

24th GST Council Meeting on 16th December, 2017

Share this on WhatsApp24th GST Council Meeting on 16th December, 2017:- Inter-state e-way bill will be compulsorily applicable from 1st February, 2018 across the nation. Intra-state e-way bill will be compulsorily applicable from 1st June, 2018. Systems to be opened on voluntary basis on 16th January, 2018. Share this on WhatsApp

22nd GST Council Meeting on 6th October, 2017

Share this on WhatsApp22nd GST Council Meeting on 6th October, 2017:- Changes in GST rate for certain goods and IGST rate on imports of certain goods. Relief was given to small units and other rate changes in services. Share this on WhatsApp

21st GST Council Meeting on 9th September, 2017

Share this on WhatsApp21st GST Council Meeting on 9th September, 2017:- Recommended changes in GST rate for certain goods. Increased Compensation Cess rate on certain specified motor vehicles. Decisions taken on Servicese. reduction of GST rate on few services from 18% to 12%, clarified place of supply of satellite launch services by ANTRIX to international customers, and exempted…

20th GST Council meeting

Share this on WhatsAppThe 20th GST Council meeting held on 5th August, 2017 in New Delhi. The Council here gave approval to the e-way bill rules. All kinds of Job work on textiles will be taxed at 5%. Council also discussed on Anti-Profiteering. Tax rate on tractor parts has been cut down to…

19th GST Council meeting

Share this on WhatsAppThe 19th GST council meeting held on 17th july 2017 in New Delhi. Council here decided to increase the cess applied on cigarettes by as much as 31% in certain categories, effective from July 18. Outcomes of 19th GST council meeting. Share this on WhatsApp

18th GST Council meeting

Share this on WhatsAppThe 18th GST Council meeting takes place in New Delhi on 30th June 2017. The Council here reduce the tax of fertilisers from 12 per cent to 5 per cent. Tax on parts of tractors has been reduce from 28% to 18%. These are some outcomes of 18th GST council meeting. Share this on WhatsApp

17th Seventeenth GST Council Meeting

Share this on WhatsAppThe 17th GST Council meeting was held on 18th June, 2017 in New Delhi. Council here relaxed the GST return filing timelines for two months (July and August). Hotels Rooms tariff above Rs. 7500 will be taxed at 28% although tariff between Rs 2,500 and Rs 7500 the tax will be levied at 18%. Also council cleared six draft rules – advance ruling, appeal and revision, assessment, anti-profiteering and funds settlement. State run lottery will attract a rate of 12% under GST but the Government authorised private lottery will draw 28% in GST. These are some outcomes in 17th GST Council meeting. Share this on WhatsApp

16th GST Council meeting held on 11th June 2017

Share this on WhatsAppThe 16th GST Council meeting held on 11th June 2017 in New Delhi. Council here revised the 66 items rates out of 133 representations. Council also finalize the accounting rules of GST here. Arun Jaitley said: After considering the recommendations, the GST Council has reduced the tax level in 66 out of 133 items on which representations were made by the industries. To know the GST revised items list : CLICK HERE Next meeting of GST Council will be held on 18th June, 2017 to discuss the issues related to E-way bills and lotteries. Share this on WhatsApp

15th (Fifteenth) GST Council Meeting – GST Timeline

Share this on WhatsAppGST Council 15th (Fifteenth) Meeting held in New Delhi. Council here clear the pending rules, including transition provisions and returns, with all the states agreeing to a July 1 rollout of the new tax regime. “We were discussing the rules and (they) have been completed. Transition rules have been cleared and everybody has agreed for July 1 rollout,” Kerala finance minister Thomas Isaac told reporters in New Delhi.The GST Council had last month fitted over 1,200 goods and 500 services in the tax brackets of 5, 12, 18 and 28%. Source…

14th (Fourteenth) GST Council Meeting

Share this on WhatsApp14th (Fourteenth) Goods and Services Tax (GST) Council meeting was held at Srinagar, Jammu and Kashmir. The meeting was chaired by the Union Finance Minister Shri Arun Jaitley approves GST rates for goods and GST Compensation Cess. The fitment of rates of goods were discussed during the Council meeting. The Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. The Council has also broadly approved the rates of GST Compensation Cess to be levied on certain goods. Source : PIB GST Rates Item Wise as discussed in GST Council Meeting held on 18th May 2017 – Download PDF GST Compensation Cess Rates for different supplies as discussed in GST Council Meeting held on 18th May 2017 – Download PDF Share this on WhatsApp

APRIL 2017 – PRESIDENT SIGNS FOUR GST BILLS INTO LAW

Share this on WhatsAppHon’ble President Pranab Mukherjee signed four enabling Bills related to the goods and services tax (GST) into law, taking the country a step closer to its biggest indirect tax reform. He has given his assent to the Central GST Act, 2017, the Union Territory GST Act, 2017, the Integrated GST Act, 2017 and the…

APRIL 2017 – RAJYA SABHA PASSES THE FOUR KEY BILLS

Share this on WhatsAppThe Rajya Sabha passed the four Key Goods and Services Tax (GST) bills without any amendments.The Lok Sabha had approved the four Bills – Central GST (CGST), Integrated GST (IGST), Union Territory GST (UTGST) and the Compensation to states law on March 29. Share this on WhatsApp

13th (Thirteenth GST Council Meeting)

Share this on WhatsApp13th (Thirteenth) Meeting of GST Council The 13th Meeting of GST (Goods and Services Tax) Council was held on 31st March,2017 in New Delhi. Council here approved all nine rules of GST. “Today we discussed four set of rules–GST input tax credit rules, valuation rules, transitional provisions and composition rules,” finance minister Arun Jaitley said. The council has already approved rules on registration, return, payment, refund, invoice, debit and credit but they have to be altered to bring them in conformity with those provided in the GST Bills, explained Jaitley. Source : Hindustan Times Share this on WhatsApp

MARCH 2017 – LOK SABHA PASSES THE FOUR BILLS

Share this on WhatsAppThe Lok Sabha passed the Central GST Bill, 2017 (CGST Bill), Integrated GST Bill, 2017 (IGST Bill), Union Territory GST Bill, 2017 (UTGST Bill) and the GST (Compensation to the States) Bill 2017. The fifth law — SGST Bill — will be taken by the state governments through their cabinets to the respective state assemblies. Share this on WhatsApp

MARCH 2017 – TWELFTH MEETING OF GST COUNCIL HELD.

Share this on WhatsAppTwelfth meeting of GST Council held in New Delhi. Council here cleared the remaining two supplementary legislations UTGST (Union Territory GST Law) and the SGST (State GST Law) needed for implementation of the goods and service tax (GST) regime. The Council has already approved CGST (Central GST), IGST (Integrated GST) and Compensation drafts. Read All About GST from Beginning The final draft of the GST law will be discussed and approved in the 13th council meeting in New Delhi scheduled for March 31. Share this on WhatsApp

MARCH 2017 – ELEVENTH MEETING OF GST COUNCIL HELD.

Share this on WhatsAppEleventh meeting of GST Council held in New Delhi. Council here gave approval to the two key draft laws of Central GST (CGST) and Integrated GST (IGST). Final approval to these laws, along with the other two pending laws of State GST (SGST) and Union Territory (UTGST) are likely by next meeting of GST Council on March 16. Share this on WhatsApp

FEBRUARY 2017 – TENTH MEETING OF GST COUNCIL HELD

Share this on WhatsAppTenth meeting of GST Council took place in Udaipur on Saturday.Council here managed to approve only one draft law pertaining to compensation to states, even as three crucial draft laws — Central GST (CGST), Integrated GST (IGST) and State GST (SGST) — got caught in a tussle between the states and the Centre. The Next meeting of GST Council will held on March 4-5. Share this on WhatsApp

JANUARY 2017 – NINTH MEETING OF GST COUNCIL HELD

Share this on WhatsAppThere was a broad consensus for GST to be rolled out from 1st July 2017, instead of 1st April 2017. The issue of dual control was broadly resolved. States will have powers to assess and administer 90 per cent of the tax payers under Rs. 1.5 crores annual turnover while the remaining 10% would be controlled by the Centre. Tax payers with turnover more than Rs 1.5 crores will be controlled and administered in 50:50 ratio both by State and Centre. States can levy GST within 12 nautical miles. Share this on WhatsApp

JANUARY 2017 – Eighth Meeting of GST Council held

Share this on WhatsAppEighth meeting of GST Council took place on 3-4th January 2017. Issue of dual control remained unresolved. Some states have raised a new issue of split in tax rate in ratio of 60:40 between states and centre instead of equally dividing GST between centre and states. The next meeting has been scheduled for January 16, 2017, which will discuss issues relating to administrative powers. Share this on WhatsApp

DECEMBER 2016 – Seventh Meeting of GST Council held

Share this on WhatsAppAnother two day meeting of GST Council led by Finance Minister Arun Jaitley concluded on 23rd December 2016. No consensus was reached on issue of dual control. Draft CGST and SGST Law were cleared along with compensation law. The next meeting has been fixed for 3-4th January 2017. Share this on WhatsApp

DECEMBER 2016 – Sixth Meeting of GST Council held

Share this on WhatsAppYet another meeting of the GST Council ended inconclusively, as the contentious issue of dual control of assessees could not be sorted. Draft GST legislations were discussed at the meeting. The next meeting of the GST Council has been fixed for December 22 and 23. Share this on WhatsApp

DECEMBER 2016 – Fifth Meeting of GST Council held

Share this on WhatsAppA two-day meeting of the GST Council concluded on 3rd December. Again, consensus could not be reached on the issue of sharing of administrative powers between the centre and the states. However, certain headway was made on finalization of the draft legislations, and the same are expected to be finalized in the next meeting of the Council scheduled for 11 and 12 December. Experts believe that GST could be postponed due to the delay in building of consensus. Share this on WhatsApp

NOVEMBER 2016 – GST Portal goes live

Share this on WhatsAppGSTN made the www.gst.gov.in portal live for migration of existing assessees. The migration will take place in a staggered manner. The new portal is expected to be simple and will enable easy filing of returns and tax payments through credit/debit cards and other modes. A new provisional identification number will be generated for assessees who move to the new portal. Click Here to Know about the GST Portal Guidlines Share this on WhatsApp

NOVEMBER 2016 – Fourth meeting of GST Council held

Share this on WhatsApp A four-tier GST rate structure of 5%, 12%, 18% and 28% was decided by the GST Council. Essential items including food will be taxed at zero rate. The lowest rate of 5% would be for common use items. 12% and 18% would be the standard rates. The highest rate would apply to luxury and de-merit goods, which will also attract an additional cess. The collection from this cess as well as clean energy cess will be used for compensating states for any loss of revenue during the first five years of implementation of GST. Share this on WhatsApp

OCTOBER 2016 – Third meeting of GST Council held

Share this on WhatsAppThe GST Council reached a consensus on state compensation; the base year will be 2015-16. A four-tier rate structure comprising a lower rate of 6%, two standard rates of 12% and 18%, and a higher rate of 26% with an additional cess for luxury and demerit goods were proposed in the third meeting of the GST Council. Such cess has been proposed to be used for payment of compensation to the States. However, consensus could not be reached. The Finance Ministry has set the November 22 deadline for building consensus on all issues in the Council. The next meeting of the Council has been decided for November 3-4. Share this on WhatsApp

SEPTEMBER 2016 – Second meeting of GST Council held

Share this on WhatsAppThe GST Council finalized five subordinate legislations relating to payment, returns, refunds, invoice and registration. It also reached at a consensus on area-based exemption in accordance with those granted under the current excise regime. The Council decided that under GST, taxes will have to be collected and it can be reimbursed from the annual budgets to the exempted categories. However, the Council faced differences over approving the minutes of the last meeting as certain States disagreed with the decision of Centre…

SEPTEMBER 2016 – First meeting of GST Council held

Share this on WhatsAppIn the first meeting of GST Council, the threshold exemption has been decided at Rs. 10 Lakhs for North-Eastern States, and Rs. 20 Lakhs for the rest of India. Further, it is decided that States will have sole jurisdiction over assessees having a turnover of Rs. 1.5 crores or less. The existing service tax assessees will continue to be under jurisdiction of Centre. The Centre will pay quarterly or bi-monthly compensation to States, in case of any revenue loss. The GST Council also agreed to keep 2015-16 as the base year for calculating the compensation. Share this on WhatsApp

SEPTEMBER 2016 – Hon’ble President has constituted the Goods and Services Tax Council

Share this on WhatsAppVide F. No. 31011/09/2015-SO (ST) dated 15th September, 2016, Hon’ble President has constituted the Goods and Services Tax Council (“GST Council “) consisting of the following members, namely:- The Union Finance Minister as the Chairperson The Union Minister of State in charge of Revenue or Finance as Member The Minister in charge of Finance or Taxation or any other Minister nominated by each State Government as Members GST Council can now hold meetings and take decisions on various major issues entrusted to it under the Constitution which includes Model law, rate of taxes, exemptions etc. The first meeting of the GST Council is proposed on…

SEPTEMBER 2016 – Center has notified that Section 12 of the Constituional 101st Amendment Act shall come into Force

Share this on WhatsAppCenter has notified September 12, 2016 as the date on which Section 12 of the Constitutional 101st Amendment Act shall come into force. Accordingly, GST Council can now be formed by the Center which shall constitute comprising the Union Finance Minister as Chairman, MOS–Revenue/ Finance and State Finance Ministers as its Members. Share this on WhatsApp

SEPTEMBER 2016 – President Accorded his Assent to the Bill

Share this on WhatsAppHonorable President has also accord his assent to the Bill on September 8, 2016. The Bill post enactment shall be called Constitution (101st Amendment) Act, 2016. Share this on WhatsApp

APRIL 2009 – First Discussion Paper

Share this on WhatsAppEmpowered committee of State Finance Ministers submitted its report to the government in April 2008 and released its First Discussion Paper on GST in India in 2009. Share this on WhatsApp

February 2006 – GST Announcement

Share this on WhatsAppIn his budget speech on 28 February 2006, P. Chidambaram, the then Finance Minister, announced the target date for implementation of GST to be 1 April 2010 and formed another empowered committee of State Finance Ministers to design the roadmap. Share this on WhatsApp